Beware! FinanceAdministrator.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Honestly, would anyone ever consider FinanceAdministrator.com as a legit forex broker, given that the name sounds too overworked. It is as if the people behind the broker overestimated the value that this name is going to bring to their fraudulent brand of business. Oh yes, FinanceAdministrator.com is quite unsafe to invest in, and the name is only the first of many reasons why this broker is ultimately a risk! The following review is all you need to read to get a good picture of the broker. Please read it before investing!
We are off to a perfect start, very well suited for the broker as a whole- we could not locate the registration area, and now we are not sure that there is one. Although, some investment scams tend to give away their registration forms only after personally having talked with the user so as to make sure that said client will not be a time waster. In other words, we believe that FinanceAdministrator.com choses its own users based on their credibility as depositors. Seeing that we came to the broker at our own initiative, it seems that for now we won’t be signing up any time soon.
Therefore, all the trading and payment details will be directly quoted from the website, although we must tell you that whatever one reads on the site is surely not the full story. Shady brokers always manipulate the website information to serve their own agendas.
With that said, we learn that users can trade with forex currency pairs, cryptocurrencies, commodities, and a set of CFDs that have not been revealed. There leverage is capped at 1:50 we don’t know of the leverage for forex pairs, nor are there any relevant spread values.
The website of the firm comes in both English and Chinese.
FINANCEADMINISTRATOR.COM REGULATION AND SAFETY OF FUNDS
FinanceAdministrator.com’s main claim is that its services are not available of a country or jurisdiction where its usage would be contrary to local law or regulation. This is as far as the broker goes. It never mentions what these local regulations are. And anyway, this claim is very ambivalent and can be interpreted in a number of ways. We think that this confusion has been created by FinanceAdministrator.com on purpose.
In fact, the broker does not even mention a country of origin. There is no contact address, and thus we can say with confidence that FinanceAdministrator.com is anonymous. This takes us to a very different place. Anonymous brokers are incredibly dangerous because they are hard to trace. You can see how your deposits are at a risk!
Overall, FinanceAdministrator.com is not only anonymous, but also a full risk to all, not to mention unregulated.
Perhaps the most crucial move a user can make in the process of deciding what broker best suits her needs is to ascertain that the broker is regulated, properly, by a legitmate license issuer (there is a rise in fake regulators). Make sure your broker of choice is a UK, EU, US, or Aussie-licensed entity; there are other perfectly fine jurisdictions where a firm can be authorized, it’s just that these ones are the most developed in terms of providing the best possible trader security. Moreover, some specific regulators also allow for their regulated brokers to participate in compensation schemes which add a very sturdy extra layer of defense. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
FINANCEADMINISTRATOR.COM TRADING SOFTWARE
There was no trading software for us to interact with. The broker also seems to have no access to the MT4 that it advertises. There was no download button, nor an access to a web trader.
We think that, based on previous reviews, FinanceAdministrator.com either offers some simple web trader, or offers nothing at all! Without any evidence to support the former, we lean towards the latter.
FINANCEADMINISTRATOR.COM DEPOSIT/WITHDRAW METHODS AND FEES
Another great indicator of just how unprofessional FinanceAdministrator.com really is is the complete lack of any payment details. There is nothing to help us get even a general idea on what the payment conditions are.
Seeing that we were not able to access a user area, we hoped for some details, but no. The broker once more proves just how scammer and unreliable in really is. Who knows what fees and commission it hides that it has not spoken of?
FinanceAdministrator.com is a complete risk and a waste of your time and money. Do not invest in this broker.
How Does The Scam Work
We can easily reverse-engineer the scammer process by looking at the whole thing as a series of contained events.
The first of these is falling for one of the thousands of online ads that lead to any number of fraudulent investment websites. The most obvious aspect of such ads is their ability to attract the eye gaze of users since they include glamorous content that we have all dreamed of owning.
Giving in to one of these ads will lead the user to one of two sources: either a so-called intermediary website or the scammer brokerage itself. The former works to introduce the latter, so the principle remains generally the same. The second step ensues once the user provides the crucial contact details that will be used by the firm to solicit funds. Because they are crucial to the scheming process, the broker will put a lot of input into this effort.
The third event is establishing grounds for communication, and a pivotal point for recruiting the user as a depositor. The first deposit is the hardest to sell, and that is why most scammer brokerages have dedicated internal departments whose only job is to entail a preliminary investment.
The fourth even is up to the retainers, or the expert scammers – account managers-, whose job is to keep the user invested as long as possible and to drain as much money out of her. Here is where many, unbeknownst to the user, psychological tricks are used by the scamming experts to really deplte funds from accounts.
The final step is containing the damages, or to put it in the lingo of the perps- to keep the stolen mon ey with minimal collateral damage. Here is where the scammers get cheap. Many will simply ignore the requests of withdrawals- or simply stall them-, or can shut down accounts and even entire websites for the purpose of keeping what they have stolen.
What To Do When Scammed
Fiel for a chargeback! It’s the surest way to get your money back, although not many scammer brokers allow for credit/debit card deposits. They are aware that users can file for a chargeback, and therefore condemn it by either not including cards payment gateways or by penalizing the client when she files for one. Note that, VISA and MasterCard have extended their cash-back period to 540 days.
A popular payment method is bank transfer, and here is where things get tricky. Users should contact the bank to help them out if they get scammed, but there is no real guarantee that the banking institution will be able to help them out. Moreover, change your bank account user name and password ASAP should you get defrauded.
Crypto payments are untraceable and are therefore non-refundable. For these reasons, crypto wallets are the favorite means for investing for scammers.
The last point to make concerns recovery agents whose promises will tempt many a victim. Agents or agencies promising some magical way to recover your stolen funds are separate fraudulent entities.